Stoll Berne was contacted by investors who can’t redeem investments in Aequitas’ private notes. Stoll Berne could target third parties and officers of the company with civil lawsuits.

Shareholder Timothy DeJong said Stoll Berne’s possible clients include two or three large groups of investors. One holds $50 million in notes. Lawsuits could be filed as soon as next week.

“Aequitas was touting the liquidity of these private notes,” he said. “What they didn’t disclose is they were completely dependent on new investment money coming in and they were also dependent on investors not redeeming their notes when they came due. Together with the Corinthian debacle (it filed for bankruptcy protection in May 2015), there appears to have been a massive request for redemptions in the fall that led to the company’s collapse.”